The Wall Street Journal award for Financial Inclusion Challenge to showcase the solutions to the problems of financial access for the poor has been awarded to Taisys Technology (Taisys) affiliate, Shanghai F-road Commercial Services (F-road) for creating a meaningful impact on financial inclusion in Asia-Pacific.
F-Road uses SIM-overlay card-based technology delivered by Taisys’ technology to expand mobile banking coverage to even the most rural parts of China. It was named the winner in the technology category of the Challenge.
Challenge Judge Michael Schlein said, "F-road’s focus on rural areas addresses an often overlooked issue in financial inclusion – bringing financial services to lower-population areas farther away from urban centers."
Szechwan farmer Wu Yulong, user of F-road’s service issued by local bank said, "I can transfer, pay bills and most importantly I can now easily extend my loan to buy the fertilizers. I also now conduct transactions for all the other villagers."
In a vast country like China there is often a far distance to travel to the nearest bank. Therefore, the crucial matter to financial inclusion lies with the banks to shorten the distance between customers and bank services. F-road ‘s easily understood and highly accessible solution, based on Taisys’ patented SIMoME technology, is now applied by over 15-million users from 1,300 banks in 27 of China’s 31 provinces, handling more than RMB 5 billion daily transactions.
Taisys’ patented SIMoME technology uses the SMS channel in a users’ phone, which overcomes the issue of weak signals in most rural areas. The technology is a highly secured device that also stores cryptographic keys, algorithms and process data, so financial institutions can issue safe mobile banking solutions to customers.
Country manager of International Finance Corporation Simon Andrew said, "We think this has much more potential than just China, but also a lot potential in other countries where there are a large rural populations." F-road and Taisys have set an ambitious vision for achieving universal financial access. The Financial Inclusion Challenge win proves that their effort has already begun to bear fruits and help people in need.[category, finance]